Dubai Chambers and HSBC Bank Middle East Limited have signed a Memorandum of Understanding (MoU) to support the local companies’ expansion into global markets and enhance the ability of international companies to establish and grow their businesses in Dubai.
Under the terms of the MoU, the two parties will collaborate to explore banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as general services for Dubai’s business community.
The agreement is designed to advance the growth of local and international companies operating in Dubai and support their expansion at the local, regional, and global levels. HSBC will provide services including global trade finance and local account opening.
Mohammad Ali Rashed Lootah President & CEO Dubai Chambers
“Dubai Chambers is committed to supporting local companies in expanding into promising international markets and helping businesses grow their operations. This collaboration will contribute to enhancing our efforts to accelerate the growth of companies across diverse sectors and attract global investments to Dubai.”
Meanwhile, Dubai Chambers will assist HSBC’s international clients who are looking to invest in Dubai and expand their businesses from the emirate.
The MoU was signed as part of the Global Partnerships Program, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories.
The Global Partnership Program supports the objectives of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.
Stephen Moss, Chief Executive Officer of HSBC Middle East, North Africa, and Turkey, commented that, “Dubai has grown to become one of the world’s busiest business and wealth hubs and the power of its international connectivity is reflected in the increasing trade activity across traditional and emerging trade corridors, in particular with Asia. Combining HSBC’s global reach with Dubai Chambers’ local expertise will further accelerate the growth of companies entering in and growing from Dubai.”
